Member Info for DowntoEarth

And in southern Africa, water will evaporate pretty quick!

'NSF needs to do a big fund raise to move forward - Probably issue more shares at 5p would be my guess.'

Broker said they'll look to raise between £30 to £50 million and on that basis there could easily be 1 billion shares in issue in a few months time.

'a very reputable Botswana based entity.'.......................Tlou's Managing Director, Mr Tony Gilby commented, "We already have a great relationship with this group"

Any ideas the identity of this group? I initially thought the Government Pension Fund, but I don't think given the performance of their investment to date it would qualify as having a great relationship!

800,000 just bought for 3.9p, get a few more like that and this will really start moving.

Hardly completely and utterly laughable! You have no idea what deals Tlou are currently negotiating and with whom. Tlou’s connection to the grid will be through the Lesedi mining licence for the 2 to 10MW of power. It’s perfectly feasible to anyone with a tiny amount of lateral thinking that with the Mamba project (currently not doing much) being significantly nearer to the Orapa mine (and Debswana’s intention to be carbon neutral) that there may be some future partnership with Tlou to supply carbon neutral power to the mine. Debswana could fund the power production themselves with Tlou taking a small percentage as a minority partner and licence holder. This would be sensible income whilst Tlou concentrate on getting the Lesedi licence up and running. Let's be honest, right now Tlou have too much in the way of real estate. The idea that Tlou would release an RNS alluding to land acquisition without having third party support, considering funds are tight and Directors are on reduced salaries, now that is completely and utterly laughable.

My interpretation from today's announcement is that Tlou are currently negotiating to supply electricity to Debswana for the Orapa diamond mine. Debswana need carbon neutral electricity, Tlou have a mining licence over massive acreage. As part of a power supply deal with Debswana, Debswana would fund through Tlou the leasing of the land that Tlou has the mining licence for, which can be planted and maintained in order to reduce Debswana's carbon footprint. Clearly if this is broadly correct, a little minnow like Tlou is not going to have start purchasing real estate without a benefactor. So my view is that, no, there won't be a cash raise or borrowing just to purchase land.

It reads to me that they are putting a deal together with Orapa mine, why else mention ‘potential customers’ and carbon neutrality in the same paragraph?

The trend is your friend, as they say and it's going up! Another few weeks and I reckon this will be over 5p in anticipation of funding news. If Tony does secure funding from the Bots government, I think this will really take off.

It’s a very good question about cash burn and a question I don’t think anyone on here will attempt to seriously answer. Don’t worry another bunch ‘Asian Investors’ will shortly appear and save the day!

At the moment those crooks are trying to take control of ARS not takeover the company in the normal sense. Obviously if they do take control, anything could happen, but you can bet that it won't be to the benefit of current shareholders.

After yesterday's RNS when their agenda became more transparent, clearly they haven't sold any - they need the voting rights. The $20m they could have got from selling pales in comparison for obtaining a $500m asset for next to nothing and at the cost to existing shareholders.

This company needs money numbnuts! At what price are they going to raise at when their largest shareholder AE are trying to take control for free?

More likely AE’s mates buying to eventually force through a board change and on to taking the company private for a minimal cost to AE.

https://translate.google.co.uk/translate?hl=en&sl=id&u=https://www.alinea.id/nasional/kasasi-diterima-pt-emm-tidak-bisa-keruk-emas-beutong-aceh-b1ZMQ9ueI&prev=search&pto=aue

This is how the article is translated:

The Supreme Court (MA) granted the appeal of the Indonesian Forum for the Environment (WALHI) and residents regarding the PT Emas Mineral Murni (EMM) permit in Beutong, Nagan Raya Regency, Aceh. As stated in the Cassation Decision Number 91 K / TUN / LH / 2020 dated April 14, 2020.

The lawsuit against the Investment Coordinating Board (BKPM), explained WALHI Aceh Executive Director Muhammad Nur, was filed after the Jakarta High State Administrative Court (PPTUN) rejected the appeal filed by WALHI et al.

"WALHI together with residents welcomes this decision which has provided a sense of justice for long-term sources of life from the threat of environmental pollution activities and damaging social structures," he said via a written statement, Wednesday (6/5).

"This is a victory for the Acehnese people together with Acehnese students who continue to oversee the policies of the regent, governor, and ministries that have erred in the name of investment," he added.

The cassation was received, PT EMM could not extract gold from Beutong Aceh
The ecological crisis in the Omnibus Law on Job Creation
Crucial points of the Ciptaker Omnibus Law
Thus, canceling the Jakarta PTTUN Decision Number 192 / B / LH / 2019 / PT.TUN.JKT. The cassation decision also strengthens the Jakarta PTUN Decision Number 241 / G / LH / 2018 / PTUN.JKT.

"We are waiting for the verdict to be submitted to the court filing and conveyed to us," said Nur.

De facto and de jure, the verdict has prevented PT EMM from being able to mine in Beutong and Bener Meriah to produce nuggets of gold and other deposits in it. It is hoped that it will become a lesson for stakeholders to better support the protection, utilization and preservation of the environment.

WALHI also demands that the center take lessons from this decision, particularly the Aceh Provincial Government (Pemprov) and the Nagan Raya District Government (Pemkab). Thus, they no longer issue permits without neglecting community rights.

The rejection of the operating permit of the Asiamet Resources Limited subsidiary began on July 9, 2018. At that time, the Directorate General of Mineral and Coal (Ditjen Minerba) of the Ministry of Energy and Mineral Resources announced the installation of boundary marks on the product operation mining business permit area (IUPOP).

The decision was based on the mining business permit for the operation of PT EMM products issued by BKPM via Decree (SK) Number 66 / I / IUP / PMA / 2017, 19 December 2017.

The concession area reaches 10,000 hectares (ha). Includes Beutong Ateuh Banggalang District, Nagan Raya; Pegasing District, Central Aceh; and the Leuser Ecosystem (KEL) covering an area of ??2,478 ha.

Tony Manini, Executive Chairman of Asiamet Resources commented

"The Asiamet Board finds the actions of Aeturnum Energy to be highly unusual and unprofessional. When a 19.98% shareholder is seeking to convene a Special General Meeting of shareholders to remove the current Board of Directors without justification or explanation, and immediately after one of its controlled entities has materially breached a binding sales and purchase agreement to acquire one of the Company's primary assets, its motivations for not fulfilling its obligations under that binding agreement need to be questioned. The Asiamet Board is of the view that Aeturnum Energy through its investment in Asiamet is now attempting to secure control over the Company's valuable copper assets by removing the current Board of Directors and replacing them with its own nominees. The Asiamet Board and management find this behaviour totally unacceptable and contrary to all principles of good business practice and governance. The Board will keep shareholders informed and further announcements will be made in due course.

Tony Manini, Executive Chairman of Asiamet Resources commented

"The Asiamet Board finds the actions of Aeturnum Energy to be highly unusual and unprofessional. When a 19.98% shareholder is seeking to convene a Special General Meeting of shareholders to remove the current Board of Directo

As such the Board is disappointed to receive this notice without any strategic rationale, explanation or justification from the Company's largest shareholder. Asiamet recently terminated a binding sale and purchase agreement signed on 24 December 2020 with PT WIN, a company controlled by Aeturnum Energy, following a material breach of its obligations under a binding SPA.

In response to the proposed resolutions detailed, Asiamet provides the following comments:

Resolution 1 - the current Board of directors have and will always serve the best interests of its shareholders and there is no justifiable rationale for the removal of any of the current directors. Current Directors have invested materially in the Company and over the past five years overseen significant advancement of the BKM copper project from discovery stage, through resource and reserve definition, completion of feasibility studies, materially advanced permitting and completed initial value enhancement engineering. The Asiamet Board has a proven track record as mine discoverers and builders across the sector. The Asiamet Board of Directors is of the view that the value of the Company and its copper assets are currently being undermined by the actions of a third party acting for their own benefit and at the expense of all other shareholders.

Resolution 2 - the current Chief Financial Officer is unaware of any such request to be nominated as Interim Chairman of the Company. As a result, this resolution cannot be voted on as the proposed nominee is unaware of the proposal, and in any case has advised the Board that he would not accept such a nomination.

Resolution 3 - the Company has a top tier internationally accredited firm as its independent auditor for the Asiamet group of companies. All financial audits have been conducted without need for material misstatement or qualification from the auditors. In fact, the Board Audit Committee has received positive feedback from the auditors with respect to business process, governance and compliance standards implemented across the Asiamet Group.

Resolution 4 - the directors proposed to replace the existing Asiamet Board lack the relevant background or experience to manage a listed base and precious metals development and mining business, nor do they have any apparent experience to provide the governance oversight required of an AIM listed public company.

The experience, background and professional credentials of the current Board is clearly distinguishable compared with the proposal from the Company's largest shareholder and the removal of the current board would undermine the principles of good governance and accountability to shareholders.

Here's the full RNS, these guys have got some nerve!

Asiamet Resources Limited ("Asiamet" or the "Company") advises that it has received a notice purported to be from its largest shareholder, Aeternum Energy, requesting the Company to convene a Special General Meeting of the Company's shareholders. The notice that has been received is not in a valid form and therefore directors are not required to act on it now, however it is apparent that our largest shareholder is seeking to take control of the Company without fair and reasonable process or acquisition. This action immediately follows PT WIN, an Indonesian Company owned by Aeturnum Energy, materially breaching the terms of a binding sale and purchase agreement with Asiamet for the acquisition of the Company's KSK Contract of Work in Indonesia.



The Company is seeking the necessary advice with respect to convening a meeting of shareholders given the underlying circumstances and shareholders are advised to take no action at this time.



The proposed resolutions below are an extract of the request that was sent to the Company.

Proposed Resolutions:

Resolution 1:

That all current directors on the Board be removed.

Resolution 2:

That the current Chief Financial Officer of the Company be appointed as interim Chairman of the Board.

Resolution 3:

If Resolution 1 is passed, an interim management committee of three independent directors as nominated by the shareholders (the "Interim Board") be appointed to manage the day to day operations of the Company.

Resolution 4:

If Resolution 3 is passed, the Interim Board be empowered to appoint an independent auditor to review the conduct, operations and financial standing of the Company while under the Board's management and the Board's actions during the relevant period of time.

In respect of Proposed Resolution 3, it is proposed that the following individuals be appointed to the Interim Board.

(a) Mr Rezky Ardha Supriadi, an entrepreneur with key business and government relationships in Indonesia.

(b) Mr Christopher Downs Keleher, a geologist with more than 30 years of experience including senior positions at RSC Consulting and Weatherford International

(c) Mr Lukman Wijaya (Stephen Lo), the CEO of PT Garland International Indonesia (a company dealing in coal mining and export) and the CEO of PT Bulirpadi Lintas Nusantara (a company dealing in coffee and garlic plantation, and garlic import, coffee import).



The Asiamet Board takes its role very seriously with respect to governance oversight and operating with a corporate culture and values that are consistent with industry good practice.

As such the Board is disappointed to receive this notice without any strategic rationale, explanation or justification from the Company's largest shareholder. Asiamet recently terminated a binding sale and purchase agreement signed on 24 December 2020 with PT WIN, a company controlled by Aeturnum Energy, fol

It's funny how these crooks couldn't find a paltry $2.5m, yet now they are looking to take over the entire company!

I suppose it confirms that they haven't sold any shares